SHUANGHUI(000895) 申万宏源·2025-03-26 03:18Investment Rating - The investment rating for the company is maintained as "Buy" due to its strong competitive advantage in the meat products industry and high dividend payout ratio, despite slight adjustments in profit forecasts for 2025-2026 [5][6]. Core Insights - The company's performance in 2024 met expectations, with total revenue of 59.715 billion yuan, a slight decline of 0.64% year-on-year, and a net profit of 4.989 billion yuan, down 1.26% year-on-year. The company plans to distribute a total cash dividend of 48.85 billion yuan for the year, resulting in a dividend payout ratio of 97.92% [5][6]. - The company achieved record high profit margins in its meat products segment, with a per-ton profit of approximately 4,700 yuan, driven by favorable pricing conditions for pork and chicken [5][6]. - The company is implementing a sales system reform to enhance its market presence and improve sales performance in 2025, despite anticipated cost pressures [5][6]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 60.663 billion yuan, 62.282 billion yuan, and 64.008 billion yuan, respectively, with year-on-year growth rates of 1.6%, 2.7%, and 2.8% [4][5]. - The forecasted net profits for 2025-2027 are 5.040 billion yuan, 5.130 billion yuan, and 5.299 billion yuan, reflecting growth rates of 1%, 1.8%, and 3.3% respectively [4][5]. - The company's earnings per share are projected to be 1.45 yuan, 1.48 yuan, and 1.53 yuan for 2025-2027 [4][5].